Federal Tax Brackets 2024 Married Jointly. The seven federal income tax brackets for 2023 and 2024 are 10%, 12%, 22%, 24%, 32%, 35% and 37%. Your bracket depends on your taxable income and filing status.
In other words, in 2024, a married couple filing jointly would pay 10% on their first $23,200, then 12% on any additional income up to $94,300, 22% on any additional. You pay tax as a percentage of your income in layers called tax brackets.
The Tax Items For Tax Year 2024 Of Greatest Interest To Most Taxpayers Include The Following Dollar Amounts
For tax year 2023, or the taxes you file in april 2024, these are the tax brackets and income thresholds for the various filing statuses:
Single Filers And Married Couples Filing Jointly;
Married filing jointly (mfj) $29,200:
Amt Exemptions Phase Out At 25 Cents Per Dollar Earned Once Amti Reaches $609,350 For Single Filers And $1,218,700 For Married Taxpayers Filing Jointly (Table 4).
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Rate Married Filing Jointly Single Individual Head Of Household Married Filing Separately;
Dependent the greater of $1,300 or $450 + dependent’s :
The Amt Exemption Is $85,700 For Single Filers, $133,300 For Married Filing Jointly, $66,650 For Married Filing Separately And $29,900 For Estates And Trusts.
The standard deduction for married couples filing jointly for tax year 2024 rises to $29,200, an increase of $1,500 from tax year 2023.
Amt Exemptions Phase Out At 25 Cents Per Dollar Earned Once Amti Reaches $609,350 For Single Filers And $1,218,700 For Married Taxpayers Filing Jointly (Table 4).